PHILIPPINE financial markets closed mixed on Friday – the last trading day of 2024 – as a volatile year saw both the main stock index and the peso end after multi-month lows.
The main Philippine Stock Exchange index (PSEi) fell 0.15% or 10.23 points to end at 6,528.79, while the broader all-stock index rose 0.44% or 16.73 points to 3,748.51 .
Still, the main index managed to post a year-on-year gain, as the closing price at the end of 2024 was 1.22% or 78.75 points higher than the closing price of 6,450.04 points in 2023.
“In the last trading session of the year, the PSEi showed a slight decline from the previous day’s closing price, but just enough to end 2024 with a modest gain,” said Juan Paolo E. Colet, Managing Director of China Bank Capital Corp. in a Viber message.
“The PSEi ended 2024 lower, reflecting U.S. market trends, as unemployment claims fell to 219,000, below the forecast of 225,000, while continuing claims rose to 1.91 million, the highest since November 2021,” Luis A. Limlingan, head of sales for Regina Capital Development Corp. said in a Viber message.
PESO AT THREE WEEK HIGH
Meanwhile, the peso closed at P57.845 against the dollar on Friday, rising 12.5 centavos from Thursday’s close of P57.97, data from the Bankers Association of the Philippines website showed.
This was the local unit’s best performance in three weeks or since it ended at P57.735 per dollar on December 6, as holiday and year-end flows continued to support the currency.
However, the peso weakened year on year, falling by P2.475 or 4.28% from the year-end 2023 high of P55.37 against the dollar.
“The peso closed stronger today on holiday remittances and higher volume from year-end transactions,” a trader said on Friday. “Hawkish hints from the Bank of Japan also took some of the dollar’s strength away from global markets today.” — Revin Mikhael D. Ochave And Luisa Maria Jacinta C. Jocson